Since Labor Day, there have been discussions based on the assumption of unchanged interest rates.

After Labor Day, the summer vacation ends and investors from Europe and the United States return to the market. In comparison to before summer vacation, it has become quite clear that the Federal Reserve will hike interest rates one more time, with the terminal rate reaching 5.5-5.75%. Furthermore, even if the European Central Bank raises interest rates in September, it is increasingly likely that it may be their final increase. Even if interest rate hikes in Europe and the United States conclude this year, there is unlikely to be any rate cuts next year. Moving forward, the market will transition from discussions on the presence of interest rate hikes to discussions based on the assumption of unchanged interest rates.